Chinese runners offer substitute running to earn StepN’s GMT for commission

Chinese runners offer substitute running to earn StepN’s GMT for commission

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Chinese runners offer substitute running to earn StepN’s GMT for commission

forkast.news

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Over 170 advertisements in Chinese tech titan Alibaba’s second-hand marketplace are offering running services to earn cryptocurrency GMT for StepN users in exchange for fiat commissions. 

See related article: China’s diktat against NFT flipping spawns an ingenious industry

Fast facts

StepN is a blockchain-based decentralized application that allows users to earn GMT cryptocurrency rewards by performing exercises, a feature that can be unlocked by owning a pair of the project’s virtual non-fungible token (NFT) shoes.

Advertisers are offering substitute running services based on running speed, with quotes ranging from 8 yuan to 15 yuan (US$1.18 to US$2.21) per “energy” for walking and jogging services, and 12 yuan to 25 yuan (US$1.77 to US$3.78) per “energy” for running.
“Energy” is the unit StepN NFT owners spend to start exercising for GMTs, where a single “energy” equals five minutes of exercise.
Alternative offers include charging StepN users based on the NFT’s rarity, or a 10% cut of the total amount of GMT earned during a running.
Users can earn at least US$25 for 10 minutes of activities, while some users earn up to US$4,500 in a single day, StepN cofounder Yawn Rong told Forbes.
GMT was trading at US$1.50 at press time, up more than 50% in the past day, according to CoinMarketCap data.

See related article: Play to live: GameFi drives a Southeast Asian crush on crypto

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